Are you a Maryland resident facing the possibility of incurring Maryland estate tax because your estate – including house, life insurance, retirement assets, and investments – exceeds $1 million?
If so, you may be considering moving away from Maryland – possibly to Virginia, Florida, North Carolina, or one of the other 28 states without estate tax – to reduce your tax burden. Between 1992 and 2011, many Marylanders moved to other states, taking with them over $7 billion in income, as well as the related taxes on income, sales, and property. Clearly, Maryland’s estate tax has contributed to the …read more
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